Modular Kitchen Market is expected to grow from USD 21 billion in 2021 to USD 33 billion by 2029 : GreyViews
GreyViews
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GreyViews
Modular Kitchen Market Size By Design (L Shape, U Shape, Parallel, Straight, Island, and Other), By Product (Floor Cabinet, Wall Cabinet, and Tall Storage Cabinets), By Distribution Channel (Online and Offline), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 26, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the modular kitchen market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the modular kitchen market are present across various countries in the above-mentioned regions.
The report provides a detailed understanding of the market segments formed by combining different prospects such as the design, product, distribution channel and region. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global modular kitchen market are Hafele, Nobia, Pedini, Lineadecor, Snaidero, Boston Cabinets, Inc., SieMatic, The Hettich Group among others. To achieve a substantial market share in the worldwide modular kitchen market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A modular kitchen is a contemporary kitchen that includes furniture that was constructed in separate modules or sections. The name "modular kitchen" derives from the module concept. They consist of little modules or sections that must be put together to form a whole kitchen. They are constructed using regular-sized cabinets or storage units that have been modified to match the kitchen's dimensions and configuration. Modular kitchen designs break down complex systems into its constituent parts to satisfy a variety of consumer needs, simulating flexibility and agility. They frequently include both base units and wall units. Modular kitchens are more affordable, simple to maintain, and hygienic than traditional kitchens. The fundamental advantage of modular kitchens is their flexibility in terms of assembly and disassembly. They allow for productive work even in cramped spaces. A popular feature of contemporary modular kitchens is their sleek, elegant finishes. They are pleasing to the eye because of their clean and elegant edges. Cabinets and other accessories come in a variety of styles, colors, and patterns. Rising sanitization concerns and the use of multiple appliances are driving the market expansion in developing nations like India, Brazil, and China. The growth of organised retail chains in these countries is also enhancing brand recognition in these regions. European-style goods are becoming more popular in India because of their simple design and muted colour palette.
Design, Product, Distribution Channel, and Regions
Regions Covered
North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players
Hafele, Nobia, Pedini, Lineadecor, Snaidero, Boston Cabinets, Inc., SieMatic, The Hettich Group among others
Segmentation Analysis
The L shape segment is expected to be the fastest-growing segment in 2021.
The design segment is L Shape, U Shape, Parallel, Straight, Island, and Other. The L shape segment is expected to witness the highest growth rate during the forecast period. Small-space kitchens fit well with this design. Due to their efficient use of floor space and flexible work zones, these goods have become increasingly popular among growing nuclear families with limited living space. These products frequently have separate areas for cooking and cleanup areas. Additionally, because they optimise storage, they are simple to incorporate into open-concept floor plans. The middle class is expanding globally and adopting this economic paradigm swiftly.
The floor cabinets segment is expected to be the fastest-growing segment in 2021.
The product segment includes Floor cabinets, Wall cabinets, and Tall Storage Cabinets. The floor cabinets segment is expected to witness the highest growth rate during the forecast period. These objects are essential parts of a kitchen because of their sturdy and solid surfaces. A floor product can also organise and store daily requirements.
The offline segment is expected to be the fastest-growing segment in 2021.
The distribution channel segment includes Online and Offline. The offline segment is expected to witness the highest growth rate during the forecast period. Direct sales, wholesale, and brick-and-mortar retail are the main offline distribution channels used by manufacturers. The wide variety of products on sale at offline businesses will continue to be one of the main factors enticing more customers there. In recent years, producers have been creating a hybrid business strategy that mixes offline and online shopping.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the modular kitchen include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Europe region witnessed a major share. The expansion is anticipated to be fueled by the presence of leading manufacturers who offer a range of goods. Germany, the United Kingdom, Italy, Poland, and France are the top regional markets in terms of both production and consumption. On the other side, it is projected that Eastern nations would experience significant growth soon.
Country Analysis
Germany
Germany's modular kitchen market size was valued at USD 0.4 billion in 2021 and is expected to reach USD 0.6 billion by 2029, at a CAGR of 5.9% from 2022 to 2029. since both production and consumption have increased on the market. The market for modular kitchens in the region is also anticipated to be driven by increased demand for them.
China
China’s modular kitchen market size was valued at USD 0.28 billion in 2021 and is expected to reach USD 0.39 billion by 2029, at a CAGR of 4.5% from 2022 to 2029. Rapid urbanisation and brisk expansion of the local construction sector.
India
India's modular kitchen market size was valued at USD 0.023 billion in 2021 and is expected to reach USD 0.03 billion by 2029, at a CAGR of 3.8% from 2022 to 2029. In order to meet the increasing regional demand for products, international brands are growing their operations in this area. Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the rising middle-class population and an increase in the number of housing units.
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